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Reverse charge applicability

Chandra Sekhar Reddy Chanchala (1 Points)

28 January 2021

is reverse charge applicable to the service or goods under 5000 ?

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2 Replies

SOHAN LAL (Manger Accounts & Finance) (363 Points)
Replied 28 January 2021

Yes, if cover under specific service which cover under rcm

Pankaj Rawat (GST Practitioner) (55030 Points)
Replied 28 January 2021

Reverse charge on inward supply from URD is applicable only on Promotor/Developer (Notification 7/2019 CT(r))

Reverse Charge falling Under Section 9(3) is applicable on Goods are :
Raw cotton,cashew nuts,tobacco leaves, bidi wrapper etc purchase from Agriculturist (Noti.43/2017 CT(r)) & Noti. 4/2017 CT (r)
On Services :
supplied by GTA, Lawyer,Services insurance agent to any person carrying on
insurance business, bya recovery agent to a banking company, Services provided by way sponsorship to any body corporate
or partnership firm,Services provided by business facilitator (BF) to a banking
company etc

So kindly clarify the goods or services being availed.